|By Marketwired .||
|August 1, 2014 12:43 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/01/14 -- Sattva Capital is pleased to announce the Supreme Court of Canada in a 7-0 decision has upheld the arbitrator's breach-of-contract damage award against Creston Moly, a subsidiary of Mercator Minerals.
Written by Mr. Justice Marshall Rothstein, the ruling from Canada's top court overturns two judgements from Court of Appeal for BC (BCCA), British Columbia's highest court. The first granted Creston leave to appeal on the basis of a non-existent error of law. The second compounded the previous error by ruling itself and the court below (the Supreme Court of BC) ought to be bound by the comments of the judges from the previous leave ruling.
Both judgements were fundamentally flawed. If left unchallenged, they would have set troubling precedents, unleashing a flood of frivolous appeals from arbitral awards, creating a burden on the justice system and at the same time undermining the independence of lower court judges hearing appeals.
The Supreme Court of BC, by contrast, heard Creston's appeal twice and dismissed it as without merit.
"As we have said before, the pie is not finite. Transactions are not zero-sum games," said Hai Van Le, Sattva Capital's Managing Director. "The fee we earned is a direct result of our tremendous efforts and knowledge over the years and the ingenuity in coming up with solutions to seemingly irreconcilable differences. We were the catalyst that made the deal happened in the first place, in the process making the pie bigger for everyone involved. There's enough abundance for everyone. Parties to a transaction have a moral duty to fulfill their obligations to one another in an ethical and honourable manner."
A CLEAR LEGAL FRAMEWORK TO GUIDE JUDGES
With this ruling, Canada's top judges have defined narrow, explicit parameters that those who wish to appeal arbitral awards must meet before they are given leave to appeal. In practical terms, this judgement will reduce the incidence of frivolous appeals, bringing the system more in line with the norms in other Western countries.
"This ruling is a game-changer and will have a positive ripple effect on both Canadian society and the economy," said Mr. Le. "The savings to the taxpayer-funded justice system across the country will be substantial. Our perseverance in the last seven years in the face of unexpected, seemingly insurmountable obstacles imposed by the BCCA has not been in vain."
At the same time, the Court also clarifies the standard of review for judges when reviewing arbitral awards.
The ruling marks a victory for both the Attorney General of BC and the British Columbia International Commercial Arbitration Centre (BCICAC) Foundation which intervened at the Supreme Court hearing. Both parties get the clarity they sought on a number of important issues, namely, reasonableness as the standard of review, and whether contractual interpretation gives rise to questions of mixed fact and law or pure questions of law.
The ruling is also a vindication for the arbitrator - Mr. Leon Getz - an experienced securities lawyer with a history of distinguished service. The Supreme Court finds no flaws with his well thought-out and reasoned award.
And finally, this judgment is a triumph of substance over clever arguments. Wedge issues exploiting a technicality or an ambiguity can only get one so far in the judicial system before they are exposed for what they are - shallow, divisive and ultimately lacking in substance.
ARBITRATION - SPEEDY, EFFICIENT AND FINAL - AS INTENDED BY THE LAW
It's not a surprise that the Canadian public consistently view courts as being too slow, cumbersome - and costly. A justice system permitting the unhappy losing party to mount appeal after appeal based on flimsy narrow grounds is in serious need of reform.
Going forward, Canadian businesses now have two distinct choices to resolve disputes. They can continue to rely on the taxpayer-funded court system with its attendant loss of privacy, lengthy proceedings and multiple appeal steps or they can settle differences through arbitration knowing the outcome is final and binding as intended by the law. Parties who wish to launch a challenge to an unfavourable arbitration decision may still do so, but they will discover that the odds of success are not in their favour. In all likelihood, they won't even get past the initial leave application stage.
"We salute the judges of Canada's top court for their leadership, their foresight, and their progressive approach to making the justice system more accessible and affordable for more Canadians," said Mr. Le.
A chronology of events can be found at www.sattvacapital.net/play-by-the-rules.html.
About Sattva Capital: Sattva Capital is an international financial advisory firm focused on cross-border M&A, strategic partnerships and corporate finance in the mining industry. We leverage global connections, game-changing ideas, and deep industry knowledge to help clients achieve transformational growth.
Hai Van Le
604-998-1425 ext 101
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Oct. 6, 2015 08:15 PM EDT Reads: 339
Recently announced Azure Data Lake addresses the big data 3V challenges; volume, velocity and variety. It is one more storage feature in addition to blobs and SQL Azure database. Azure Data Lake (should have been Azure Data Ocean IMHO) is really omnipotent. Just look at the key capabilities of Azure Data Lake:
Oct. 6, 2015 08:00 PM EDT Reads: 225
In his session at @ThingsExpo, Tony Shan, Chief Architect at CTS, will explore the synergy of Big Data and IoT. First he will take a closer look at the Internet of Things and Big Data individually, in terms of what, which, why, where, when, who, how and how much. Then he will explore the relationship between IoT and Big Data. Specifically, he will drill down to how the 4Vs aspects intersect with IoT: Volume, Variety, Velocity and Value. In turn, Tony will analyze how the key components of IoT ...
Oct. 6, 2015 08:00 PM EDT Reads: 306
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Oct. 6, 2015 05:00 PM EDT Reads: 248
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
Oct. 6, 2015 04:40 PM EDT
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
Oct. 6, 2015 03:00 PM EDT Reads: 115
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Oct. 6, 2015 02:45 PM EDT Reads: 370
Scott Guthrie's keynote presentation "Journey to the intelligent cloud" is a must view video. This is from AzureCon 2015, September 29, 2015 I have reproduced some screen shots in case you are unable to view this long video for one reason or another. One of the highlights is 3 datacenters coming on line in India.
Oct. 6, 2015 02:00 PM EDT Reads: 227
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
Oct. 6, 2015 01:00 PM EDT Reads: 737
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
Oct. 6, 2015 01:00 PM EDT Reads: 580
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Oct. 6, 2015 12:45 PM EDT Reads: 458
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
Oct. 6, 2015 12:30 PM EDT Reads: 581
As the world moves towards more DevOps and microservices, application deployment to the cloud ought to become a lot simpler. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. In his session at 17th Cloud Expo, Raghavan "Rags" Srinivas, an Architect/Developer Evangeli...
Oct. 6, 2015 12:15 PM EDT Reads: 106
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Oct. 6, 2015 12:00 PM EDT Reads: 248
DevOps is gaining traction in the federal government – and for good reasons. Heightened user expectations are pushing IT organizations to accelerate application development and support more innovation. At the same time, budgetary constraints require that agencies find ways to decrease the cost of developing, maintaining, and running applications. IT now faces a daunting task: do more and react faster than ever before – all with fewer resources.
Oct. 6, 2015 12:00 PM EDT Reads: 338